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Carlos Slim

From Alfawiki
Carlos Slim Helú
Born (1940-01-28) January 28, 1940 (age 86)
Mexico City, Mexico
Occupation(s)Entrepreneur, investor, philanthropist
Known forRichest person worldwide (2010–2013), controlling Grupo Carso and América Móvil

Carlos Slim Helú (born 28 January 1940) is a prominent Mexican entrepreneur, investor, and philanthropist. Between 2010 and 2013, Forbes recognized him as the richest individual worldwide. He amassed his wealth through significant stakes in a wide array of Mexican enterprises managed by his holding company, Grupo Carso. As of , the Bloomberg Billionaires Index places him as the 18th wealthiest person globally, with an estimated net worth of US$99.1 billion, making him the most affluent figure in Latin America.

His diversified conglomerate operates across numerous industries such as education, healthcare, manufacturing, transportation, real estate, media, mining, energy, entertainment, technology, retail, sports, and financial services. Nevertheless, the foundation of Slim’s fortune lies predominantly in telecommunications, especially through his control of América Móvil, which serves markets throughout Latin America, along with Mexican operators Telcel and Telmex. Telmex, initially a state-run entity before privatization under Slim’s leadership, held an almost exclusive market position for many years. Approximately 40% of companies listed on the Mexican Stock Exchange are linked to him.

Beyond telecommunications, Slim held the largest single block of non-voting shares in the New York Times Company as of 2016; he divested half of this stake in 2017.

Early life

Born on 28 January 1940 in Mexico City, Slim is the son of Julián Slim Haddad and Linda Helú Atta, both Maronite Christians of Lebanese descent. From an early age, he committed to pursuing business endeavors, receiving guidance from his father who stressed the importance of scrutinizing financial documents and maintaining precise records.

At just 11 years old, he purchased a government savings bond which introduced him to the concept of compound interest. He has consistently documented every financial transaction in a personal ledger that he continues to maintain. By age 12, he had acquired shares in a Mexican bank and became a shareholder in the country’s largest bank by age 15. At 17, he earned a weekly salary of 200 pesos working for his father’s company. He pursued civil engineering studies at the National Autonomous University of Mexico while also teaching algebra and linear programming.

Although his degree was in civil engineering, Slim broadened his expertise through economics courses taken in Chile after graduation. His proficiency in mathematics and linear programming enabled him to analyze financial statements effectively and assess investment opportunities with greater precision, providing a strategic advantage in business.

1960s

Following his graduation in 1961, Slim embarked on his professional journey as a stock trader in Mexico, dedicating extensive hours to establish his reputation. By 1965, earnings from his ventures had grown sufficiently to launch the stock brokerage firm Inversora Bursátil and initiate Grupo Carso’s foundation. That same year, he purchased Jarritos del Sur, a Mexican soft drink manufacturer. In 1966, with assets valued at , he founded Inmuebles Carso—a real estate agency and holding company.

1970s

During this decade, Slim concentrated on industries including construction, soft drinks, printing, real estate development, bottling operations, and mining within Mexico. His portfolio expanded to encompass sectors such as automotive parts manufacturing, aluminum production, airlines, chemicals, tobacco products, cable manufacturing, paper and packaging materials, copper mining, tire production, cement manufacturing, retail businesses, hotel management, beverage distribution networks, telecommunications services, and financial services. Through Grupo Financiero Inbursa, he oversees insurance products, mutual funds, and pension schemes serving millions across Mexico. By 1972 he had acquired seven additional companies spanning these diverse industries. In 1980 he unified his holdings under Grupo Galas to manage operations related to industrial manufacturing, construction projects, mining activities, retail outlets, food production, and tobacco enterprises.

1980s

Amid Mexico's economic downturn in 1982, Slim strategically invested in undervalued leading Mexican companies by employing value investing principles. His approach centered on acquiring firms with strong cash flow or potential capital appreciation, then channeling the returns into new business opportunities. The diversified nature of Grupo Carso’s conglomerate structure served to reduce exposure to risks tied to individual sectors.

Slim purchased Empresas Frisco (focused on mining and chemicals), Industrias Nacobre (copper production), Reynolds Aluminio (aluminum), Compañía Hulera Euzkadi (tire manufacturing), Bimex hotels, and secured a controlling interest in Sanborn Hermanos—a chain of food retailers and restaurants later incorporated into Grupo Carso’s retail operations. In 1984, he acquired Seguros de México for , which, following multiple spin-offs, expanded to a valuation of by 2007. He also obtained significant holdings in British American Tobacco Mexico and The Hershey Company Mexico, alongside investments in Denny's and Firestone Tires. These purchases were primarily funded through earnings from Cigatam, a tobacco distribution company he had acquired during the economic slump.

In 1988, Slim further broadened his portfolio by acquiring Nacobre and Química Fluor, enhancing his foothold in copper manufacturing and chemical production.

1990s

During the early 1990s telecom privatization in Mexico, Slim took advantage by acquiring Telmex, the nation's primary landline provider, through Grupo Carso. That same year, Grupo Carso launched public offerings both domestically and internationally. Additionally, Slim gained majority control of Porcelanite, a Mexican ceramic tile manufacturer.

To advance his expansive business objectives, Slim collaborated with France Télécom and Southwestern Bell Corporation to secure Telmex amid Mexico's privatization efforts. Initial investments in Telmex yielded substantial cash flow and profits that became foundational to his wealth. By 2006, Telmex held approximately 90% of Mexico’s fixed telephone lines, while Telcel, his wireless subsidiary, operated nearly 80% of the country's mobile devices.

In 1991, Slim expanded into the hospitality sector by acquiring Hoteles Calinda (now known as OSTAR Grupo Hotelero). By 1993, he had gained majority stakes in General Tire as well as aluminum producer Grupo Aluminio.

Grupo Carso underwent restructuring in 1996, splitting into Carso Global Telecom, Grupo Carso, and Invercorporación. The following year saw Slim acquire Sears Mexico.

By the close of the decade in 1999, Slim began extending his investment reach beyond Latin America, targeting opportunities in the United States while maintaining a robust presence within Mexico.

2000s

Slim attracted attention within the U.S. market in 2003 by acquiring substantial shares in major retail chains including Barnes & Noble, OfficeMax, Office Depot, Circuit City, Borders, and CompUSA. His international expansion was motivated by the belief that "there were no more acquisitions left in Mexico." He established Telmex USA and secured a stake in Tracfone Wireless, a U.S.-based cellular operator. Additionally, he founded Carso Infraestructura y Construcción, S.A. (CICSA), a non-profit construction and engineering branch under Grupo Carso. Following heart surgery that year, Slim delegated much of daily corporate oversight to his children and their spouses.

América Telecom was founded in 2000 as the holding company for América Móvil. Telmex spun off its international wireless division through a $15 billion initial public offering of América Móvil SA on the New York Stock Exchange. Telmex invested in various Latin American mobile operators such as Brazil's ATL and Telecom Americas; Techtel in Argentina; along with companies in Guatemala and Ecuador. Further investments extended across Colombia, Nicaragua, Peru, Chile, Honduras, and El Salvador. Moreover, Slim entered a joint venture with Microsoft to launch Tlmsn, a Spanish-language internet portal.

In 2005, Slim invested in Mexican airline Volaris and established Impulsora del Desarrollo y el Empleo en América Latina SAB de CV (IDEAL), a construction firm focused on non-profit infrastructure projects. Since 2006, IDEAL has secured three infrastructure contracts but faces stiff competition from Mexican and Spanish companies.

By 2007, after acquiring a controlling 50.1% stake in tobacco manufacturer Cigatam, Slim sold most of it to Philip Morris for US$1.1 billion. He also divested his entire interest in Porcelanite for US$800 million that year. Additionally, he licensed the Saks brand to open Saks Fifth Avenue in Mexico City's Santa Fe district. The aggregate value of Slim’s enterprises was estimated at US$150 billion. On December 8, 2007, Grupo Carso announced plans to close or sell off the remaining 103 CompUSA stores due to ongoing difficulties; however, CompUSA’s IT services division continued operating as Telvista with centers across U.S. cities such as Dallas and Danville as well as five locations within Mexico. After nearly thirty years of active leadership roles within his companies, Slim transitioned to Honorary Lifetime Chairman.

In 2008, Slim acquired a 6.4% stake worth $27 million in The New York Times Company and increased this holding to 8% by 2012. By January 2015, exercising stock options raised his ownership to 16.8% of Class A shares making him the largest shareholder. According to 2016 filings, he owned 17.4% of Class A shares but held no Class B shares which possess greater voting power.

2010s

In 2012, Slim arranged broadcast rights for León soccer matches with Telemundo, Fox Sports covering Mexico and Latin America, and mediotiempo.com, while Telmex’s UNO TV provided online streaming. América Móvil secured the Latin American broadcasting rights for the 2014 Sochi Winter Olympics and the 2016 Summer Olympics in Brazil. That same March, Slim collaborated with Larry King to launch Ora TV, a digital on-demand platform featuring programs such as Larry King Now and Politicking with Larry King.

By September 2012, Slim had acquired a 30% ownership in Mexican football clubs Pachuca and León via América Móvil, and by December he completed the full purchase of Estudiantes Tecos, a second-division team. América Móvil also obtained broadcasting rights for León games, setting up competition with Televisa and TV Azteca in the Mexican soccer media landscape.

In July 2013, América Móvil invested $40 million into Shazam to bolster its expansion in advertising and Latin American markets. Later that year, Slim committed $60 million to Mobli, an Israeli startup focused on interest-based social networking. In December 2013, Slim’s private equity firm Sinca Inbursa divested from pharmaceutical company Landsteiner Scientific; this fund primarily targets transportation and infrastructure sectors and had a market capitalization of 5.152 billion pesos at the end of 2012.

On April 23, 2014, Slim assumed control over Telekom Austria through a decade-long agreement, acquiring around 27% ownership alongside Austria’s state holding OIAG which held 28%. América Móvil intended to invest up to $2 billion to purchase minority shares and allocate €1 billion to expand Telekom Austria as a regional hub across Central and Eastern Europe—marking Slim’s inaugural major acquisition in Europe.

In January 2015, Grupo Carso introduced Claro Musica, an online music platform designed to compete with iTunes and Spotify within Latin America. Slim’s retail chain Sanborn's holds a majority stake in Mixup, Mexico’s top music retailer operating 117 stores with revenues exceeding $320 million in 2014.

By March 2015, Slim broadened his presence in Spain by acquiring stakes in distressed firms including Bankia bank and real estate company Realia (holding a 25% share), complementing his smaller investments in construction firm Fomento de Construcciones y Contratas.

On April 15, 2015, Slim established Carso Oil & Gas with assets valued near $230 million spread over 17.7 million shares, aiming to capitalize on opportunities emerging from Mexico’s energy sector reforms.

On July 25, 2015, Slim’s investment arm Control Empresarial de Capitales invested in IMatchative, a technology startup offering subscription-based hedge fund rankings and analytical tools for investors and fund managers.

2020s

In early 2024, analyses pointed out that Slim's fortune was largely built on a telecommunications monopoly fostered by close government relationships rather than technological innovation, referencing ideas from the book Why Nations Fail.

On June 12, 2024, Slim acquired a three percent ownership stake in British telecom giant BT, valued at roughly £400 million.

Philanthropy

Slim has voiced doubts about The Giving Pledge initiated by Bill Gates and Warren Buffett, which encourages billionaires to donate at least half their wealth. Nevertheless, by 2011 he had pledged around $4 billion—approximately five percent of his net worth—to the Carlos Slim Foundation. While this does not reach the scale of Gates or Buffett's commitments, Slim promotes philanthropy that extends beyond financial contributions by urging business leaders to engage actively in addressing societal challenges.

In 2019, Forbes listed Slim among the world’s most generous philanthropists outside of the United States.

Fundación Carlos Slim

Established in 1986, the Fundación Carlos Slim is the benefactor behind Mexico City's Museo Soumaya, which opened its doors in 2011 and honors Slim's late wife, Soumaya Domit. The museum's extensive collection comprises 66,000 artifacts, featuring the world’s second-largest assortment of Rodin sculptures, including the renowned The Kiss. It also holds Latin America’s most extensive Salvador Dalí collection, alongside masterpieces by Leonardo da Vinci, Pablo Picasso, and Pierre-Auguste Renoir, as well as coins from Spanish colonial viceroys. The museum's inauguration attracted Mexico’s President and other prominent personalities.

Carlos Slim contributed significant dividend sums to the foundation—one in 2006 and another in 2010—securing the foundation a fifth-place position on Forbes’ 2011 list of the World's Biggest Givers. Among its initiatives, the foundation allocated $100 million to fund 50,000 cataract operations in Peru.

Fundación Telmex

Founded in 1995, Fundación Telmex had amassed assets worth by 2007, enabling the creation of the Carso Institutes for Health, Sports and Education. The foundation backs various projects, including those supported by Bill Clinton aimed at benefiting Latin America. It also organizes Copa Telmex, an amateur sports competition that earned recognition from Guinness World Records in both 2007 and 2008 for its unprecedented participation levels. In 2008, Fundación Telmex together with Fundación Carlos Slim Helú pledged over to support Mexican sports programs ranging from grassroots to Olympic athletes.

During the 2011 season, Telmex served as a sponsor for the Sauber F1 team and contributed no less than $1 million to the Clinton Foundation.

Fundación del Centro Histórico de la Ciudad de México A.C.

Since 2001, Slim has presided over the Council responsible for restoring Mexico City's historic downtown district.

In 2011, he joined Mexico’s president, city mayor, and archbishop to inaugurate the first stage of Plaza Mariana near the Basilica de Guadalupe. This project, financed by Slim, includes an evangelization center, museum, columbarium, health clinic, and marketplace.

Personal life

Carlos Slim was married to Soumaya Domit from 1967 until her passing in 1999; she actively participated in charitable endeavors. The couple had six children: Carlos, Marco Antonio, Patrick, Soumaya, Vanessa, and Johanna. His three eldest sons occupy major leadership positions within his business holdings. Slim underwent heart surgery in 1999 and has expressed no intention to remarry.

Remarkably, Slim maintains all financial records manually in notebooks rather than utilizing digital devices. Given the vast extent of his enterprises, he often humorously remarks on occasionally losing track of his numerous companies. A Maronite Catholic by faith, he is a notable patron of the Legion of Christ religious organization.

Family

Carlos Slim’s father, Khalil Salim Haddad Aglamaz, was born on July 17, 1888, in Jezzine—then part of the Ottoman Empire and now Lebanon. At age 14 in 1902, Khalil emigrated alone to Mexico and later adopted the name Julián Slim Haddad. It was common for Lebanese families to send children abroad early to avoid conscription into the Ottoman military; by then four of Khalil’s elder brothers had already settled in Mexico.

In 1911, Julián launched La Estrella de Oriente, a dry goods store. By 1921 he began investing in commercial real estate throughout Mexico City, acquiring valuable properties at discounted prices during the Mexican Revolution turmoil. By 1922 his assets surpassed one million Mexican pesos with a diversified portfolio including income-generating real estate holdings, private enterprises, and stock investments.

In August 1926 Julián married Linda Helú Atta, also of Lebanese heritage. Her family had immigrated to Mexico and founded one of the earliest Arabic-language magazines serving the Lebanese-Mexican community. Julián and Linda had six children: Nour, Alma, Julián, José, Carlos (the future magnate), and Linda. Julián senior passed away in 1953 when Carlos was just thirteen years old.

Julián’s broad range of business activities created substantial family wealth. He was well-regarded for his sharp investment acumen during Mexico’s frequent economic crises along with a strong work ethic grounded in traditional Lebanese values.

In February 2011 Julián Slim Helú—Carlos’s eldest brother who was active in business and involved with Mexico’s intelligence community—died at age seventy-four.

Wealth

On 29 March 2007, Slim overtook American investor Warren Buffett to become the world's second wealthiest individual, with an estimated net worth surpassing Buffett's at that time.

By 4 August 2007, The Wall Street Journal highlighted Slim, suggesting he might have exceeded Bill Gates in wealth. Slim attributes part of his investment achievements to the foresight gained from futurist writer Alvin Toffler.

By 8 August 2007, Fortune announced that Slim had surpassed Gates as the richest person globally, estimating his fortune at , compared to Gates' $58 billion.

On 5 March 2008, Forbes ranked Slim as the world's second richest, trailing Buffett but ahead of Gates; by 11 March 2009, he was third behind both Gates and Buffett.

On 10 March 2010, Forbes again declared Slim the wealthiest individual worldwide with $53.5 billion, outpacing Gates ($53 billion) and Buffett ($47 billion). He became the first Mexican and the first person from an emerging market to lead the ranking in 16 years. Between 2008 and 2010, Slim more than doubled his net worth from $35 billion to $75 billion.

In March 2011, Forbes valued his wealth at $74 billion, retaining his status as the richest person on the planet.

By December 2012, the Bloomberg Billionaires Index placed his net worth at approximately $75.5 billion.

On 5 March 2013, Forbes continued listing him as the richest with $73 billion; however, by May of that year, Bloomberg L.P. ranked him second behind Gates.

On 15 July 2014, Forbes reported that Slim had reclaimed the top position with a net worth of $79.6 billion; by September, he was ranked number one with $81.6 billion.

In December 2016, his fortune declined to $48.1 billion but rebounded to $54.5 billion in 2017.

By 2019, Slim remained Mexico's wealthiest individual with a net worth estimated at no less than $58.1 billion.

In October 2020, Forbes assessed his net worth at $53.7 billion; it increased again in 2021 to $73.3 billion.

Real estate

Through his holding company Inmobiliaria Carso, Slim has been actively involved in real estate investment since the 1960s, managing and developing a diverse range of residential and commercial properties throughout Mexico. Notably, his firm constructed Plaza Carso in Mexico City, which functions as headquarters for many of his enterprises. From the early 2000s until the mid-2010s, Slim broadened his private property investments internationally, concentrating on markets in Spain and the United States.

In May 2014, he inaugurated Inbursa Aquarium, recognized as Latin America's largest aquarium. Among his notable properties is the Duke Seamans mansion located on New York City's Fifth Avenue—a beaux-arts estate spanning 20,000 square feet—acquired for $44 million in 2010 and listed for sale at $80 million in 2015. Additionally, he purchased Detroit’s Marquette Building and PepsiCo Americas Beverages’ headquarters in Somers, New York for $87 million in 2015. Another New York City residence owned by Slim is a mansion at 10 West 56th Street, bought for $15.5 million in 2011.

In March 2015, Slim capitalized on Spain’s weakened real estate market by acquiring properties at significantly discounted prices amid the country's economic crisis.

Criticism

Carlos Slim's vast fortune has generated significant debate, particularly given that it was accumulated in a developing nation where the average income per person remains below and nearly 17% of inhabitants live in poverty. Detractors point to monopolistic tendencies, highlighting Telmex's dominance with approximately 90% of Mexico's fixed-line telephone market. His wealth represents roughly 5% of the country's yearly GDP. Telmex, with Slim and his family owning 49.1%, is reported by the OECD to impose some of the highest telecommunications charges worldwide.

Celso Garrido, an economist at Universidad Nacional Autónoma de México, contends that Slim's market control suppresses smaller enterprises, restricting employment opportunities and driving many Mexicans to seek work abroad. In 2013, Henk Kamp, then Dutch Minister of Economic Affairs, criticized América Móvil—Slim's telecom company—for its attempted acquisition of Dutch operator KPN on grounds of national security. Although the takeover failed, América Móvil acquired a 21.1% share in KPN valued at €3.1 billion by 2015 but has been steadily divesting since then.

Expanding beyond telecommunications, Slim has invested heavily in oil and energy sectors, positioning himself to capitalize on Mexico’s energy reforms and acquiring interests in Colombia’s petroleum industry. Despite ongoing critiques, Slim downplays public scrutiny regarding his wealth and ranking among the richest globally, attributing fluctuations in his net worth to market dynamics.

In 2016, during the U.S. presidential campaign, Donald Trump accused Slim of exerting influence over critical coverage in The New York Times; the newspaper refuted any claims of interference. The following year, Slim met with Trump personally and later spoke positively about their discussion.

Awards

See also

External links

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